Hamish is our CFO who is a CPA

I have a real problem when the CFO does a presentation and states we have 12 retail and 31 stores, when going
to the site and counting, I find 11 retail and 30 store openings. It doesn't appear the rest of you have a problem
with the CFO not knowing how many, and he's also the guy who does the books. I also checked releases. None
of you have come back to me saying I can't count, or I missed something.

And I have a second problem. Marc said in the January investor presentation, as well a month later on the earnings
call, that the 2 that opened in December , that were 1,000 sq. ft. cost, 200k to open. A month later in the Roth,
Hamish said both cost 250k each to open. So was Hamish including cost of inventory + the $200k? Who's
right, who's not?

So let's take the difference and add it up. One retail store, which I can't find exists and Hamish says is 250k +
2 stores where management says two different things to the tune of $50k each = 100k, we are now up to $350k
plus the inventory (which I have no idea) let's say Hamish calculated at $50k = a possible $400 difference. This
train of thought has led me to something else, but I want to know if anyone on the board is thinking the same as
me on a possible theory. So I'll save that.

I wanted to e-mail Hamish for an answer. When I went to investor on Joe's site, it Shows Hamish as being the IR
person but has a phone number, no e-mail address. There is a spot where they ask if you have a question to
submit, and provide my e-mail address, so I did. I did that yesterday morning, no reply so far.
I'd be interested in any opinions?

Its a miracle. Yahoo is working again for me and I can reply again. I think the mystery 31st store is the one at Tysons Galleria. For whatever reason, they are including it even though it hasn't opened yet. I believe that it was due to be open by the date of their Roth presentation but has incurred some delays in realizing the opening.

Is that the one Mpo was saying is opening in May? Well it needs to be explained. The Roth cc was live, so
Hamish would have known while presenting the store was not opened. Also, Tattoo spoke to Hamish just
before closing this past Friday, and he told him again, they had 31 stores open with 12 retail, and they don't. I can see if you make a mistake once, and then when someone brings attention to the question, he should have realized that other store didn't open in q1 since full year and q1 was what he was addressing. We are now a month into 2nd q, which means Hamish is already finished the books on the time period where he insists there are 12 full retail. No excuse. He's the accountant and ought to know what we do or don't have.
He also did not respond to my questions I sent. There is something else. He might have been including
the store that was open in late November, because he shows on the graph only 6 stores opened in '12. I don't
count 6 because I couldn't find releases between Dec.11 and Feb 12. So I'm not going to deal with previous years. If anyone is going to be on the call, please ask about this discrepancy. I personally don't like it. I just
hope the figure they say is going to be the cost of opening in a year. ie, look at the graph 3.5m is slated as
cost '13. I don't want to see that cost has been put on the books if the number of stores were not opened or slid into the following. I think this has to be watched, and I'm not an accountant. Run I still have to delete all
history and temp files to be able to post without seeing those letters/numbers in the reply box.

Gems, I know you are a little "put off:" by the confusing store openings. I understand that but don't go off the deep end and sell your shares. Joes is growing faster than TRLG and will payoff big time sooner rather than later. At least keep a core position and swing trade with the rest. The hardest thing about swing trading is knowing when to get back in. One of these days Joes share price is going to comtinue to go up with small pullbacks, some people will get left behind because they are waiting fro the bottom.GLTA

Gems, Mr. Hamish just returned my call, And here is the scoop, Ending 2012 We had 28 stores open. We opened 3 more stores in the 1st Qtr. 2013 to bring us to a total of 31 stores open right now. The smaller stores run an avg. of $250,000 to build out, Then add approximately $140,000 in inventory for a grand total of an Avg. $390,000 to open one of the smaller stores. The 2 stores that are 1,000 Sqft. are the JOE'S at the Fashion Valley Boutique in San Diego, CA & the Dallas, TX JOE'S NorthPark Center Mall Boutique, I hope this answers your questions. GLTAL, Have a great weekend!

He just returned your call and is repeating the same thing, so it doesn't answer either question. What is the
31st store since he is so insistent there is one? Why no press release and nothing on their website? Why
is Marc saying it cost $200k and Hammish is saying it cost $250k, not including the inventory. These two
guys hold the highest positions, as far as running the company goes,, and they are quoting different costs?
Thanks for your time to do this Tatt, and I as an 'investor' am not going to remain an investor. I sold
more than half, and now will wait for a run up to earnings and sell. Then I will just play the stock like most

Here is now my thought, that I wouldn't mention before and bothers me. You saw my figures in the first post
which is $350 not including the inventory cost add in the amount Hammish said, which is more than I figured. . I have a suspicious mind when things don't add up for me.
On the earnings cc, Hamish was asked specifically, how much would it cost to pay Dahan in a quarter?
Hamish's answer ( I'm not sure and don't want to go back and listen was $443k or 463k) . See where I'm going with this? Just too convenient the amounts I can't reconcile with what Hamish is saying adds up to just about the same amount.I'm not an accountant, but these costs since he is the accountant doing the
books is something to look at closely. I personally don't like it.

Hey Gems, I just put a call in t0 Hamish, I got his voice mail and left him a message & asked him for a minute or to just to verify the store count & the cost discrepancies. So we'll just have to wait for him to call back his EXT. is 304 if any one else wants to call.

The only thing I got was the belief that either the Dallas or San Diego were the last stores to open, but I did not ask him that specific question. I should have, I do notice a little tidbit on the web site though, The Dallas, San Diego & Paramus, NJ Stores all have in Italicized letters NOW OPEN, But I still only count 30 &not 31 store locations, but he specifically said 12 full price stores & 19 Outlets that are open so I went to the site and counted & only came up with 11 full price locations. Now weather the 12th has not been added to the website yet or what but you are right there is something that is just not right, as Mr. Hamish is the CFO or Accountant whichever he should have either caught this so the customers in the area of the missing location know that there is one nearby. whether or not it should be fixed ASAP, Mr. Hamish should be aware of this & I will leave him a voice mail tomorrow morning to see if I can get some clarification on it. Ok well have a good evening & play the stock how you see fit, Now you have me wondering??????????

Thanks Tatt.
Now on to you Cot. It does sound PNPish I agree, you don't need to say sorry for the humor. Difference
though, PNP interprets what he THINKS someone else is saying and redefines in his own way. I on the
other hand, am telling you exactly what Hamish said, and you can also read the exact same numbers
on the presentation material. I could also interpret what I think I might see with these discrepancies, but
as I said in the first post, I don't want to make that deduction or possibility without asking you guys what's up, and also receiving an explanation, that is logical, from Hamish. Otherwise I'll be firing just like PNP.
Two of us, the board would just moan, and not in pleasure.

Gems I think I heard someone say that Hamish was not originally scheduled to do the Roth & that he was put in at the last minute, This could be the reason for the count Or he could not be including the Virginia store that is just about to open I will put a call into him to verify & see what the problem with the #'s are for a correct count, That being said there is a big block up on the board of 103,000 or so and no one is selling into it So does this not bode well that there are no sellers at this price, Also Vol. not bad for a Friday.

Hi Tatt, I know I said, that it was Marc who did the past Roth's ccs, and I thought Hamish might have been
pulled in to do, at the last minute. Maybe someone else also suggested this? But the 31 stores was also in the graph's (presentation material?). Please do call him, and would you also ask, why on two cc's Marc said the two stores in December were $200k and Hamish is saying $250. Let us know what he tells you.
Thanks. The holding of the $1.65 that Sand suggested, held.

You can call and leave Hamish a message. I did so and he got back to me in about 48 hours. We had about a 10 minute phone conversation re: questions I had on the else brand over the summer. I agree the numbers reported for these new store openings have not been consistent. I'm not overly concerned at this point, but am also keeping a close eye. Let me know what you find out, Gem.

I didn't know about Virginia opening by eomonth, but again the conference was talking about 2012 and
first quarter, which in our case ended the end of February. Since he didn't give us any 'color' on that
first quarter, why would he include and be talking about a store opening in the 2nd quarter? It is another opinion which might hold true, but those two things I mention need to be addressed by management. I
doubt I can be the only one to catch the discrepancies. I would like them to come out with a PR clearing
up both issues, but I know that's too much to ask. Maybe an analyst will on the earnings call? I would
rather he e-mails me, than a conversation on the phone, but if it is not addressed on the call, I just might
be calling, if he doesn't answer by e-mail.
Thanks for your reply Risk.

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